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top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24 hours, is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me in the last three weeks, i've been very guarded because i don't want to make it harder for me or the
top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple....
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tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was running for president the first time, the bush tax cuts only help the ri
tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and...
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second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that would be a particularly tough tax for blue states. them. charitable contributions. this is the most sensitive to tax incentives. you have to live somewhere, you need a home and it is hard it move it a new state because taxes went up. you don't need to give to charity. people give to charity because they want to and also, let's be real, because the government encourages through the tax code. it is reported in bloomberg in 2009 households with incomes of more than $200,000 claimed almost $60 billion in charitable deductions or 20% of total charitable giving in
second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that...
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they'd like to continue the payroll tax credit. they want a permanent increase in the debt limit and a one-year extension of expanded jobless benefits. they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements. mcconnell saying they want changes to entitlement eligibility. they would agree to more tax revenue, yes, but not higher rates. only if they get the revenue through changing deductions and other things like that. they say the white house is almost comical here. the key is means testing of these entitlement programs and age extensions for retirement, particularly, obviously, with social security and medicare. that's the key to the deal, guys. now we end the week sort of nowhere. they'll be back at it again next week. >> all right. thanks so much, eamon
they'd like to continue the payroll tax credit. they want a permanent increase in the debt limit and a one-year extension of expanded jobless benefits. they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements....
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are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how they will work -- well, they figure they won and they will get what they want? >> i have no idea, chris. if i knew, i would share it with you. i don't know what they are thinking. >> chris: do you think they are being bullies. >> i think they've won the election and must have forgotten republicans continue to hold a majority in the house. but, you know, the president's idea of a negotiation is, will they do what i ask. we need to find common ground and need to find it quickly. >> chris: and, again, you kind of didn't answer it the first time, what are the chances we'll go over the cl
are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. at chevy's year-end event, we have 11 vehicles that offer an epa-estimated 30 mpg highway or better. yeah? hey. hey. where's your suit? oh, it's casual friday. oh. [ male announcer ] chevy's giving more. now get a 2013 malibu ls for around $199 per month, plus competitive lessees can get $1,000 toward the down payment for an even better deal. >>> good morning, everybody. i'm thomas roberts. topping the agenda the new grinch that's threatening to steal christmas, the seemingly insurmountable impasse over the fiscal cliff. live the president's pr campaign taking him outside the white house but inside the beltway. you're taking a live look at the president glad handing the group of busi
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. at chevy's year-end event, we have 11 vehicles that offer an epa-estimated 30 mpg highway or...
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fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they want to do it differently -- >> whose turn is this? where are we in this? >> the ball really is with them now. again, they're in a hard place. they're having a tough time trying to figure out what they can do. that's understandable. this is very difficult for them. we might need more time to figure out where -- where they go next. >> we don't have a lot of time. >> you can't wait very long. what we are trying to do is be as clear as we can with what is essential to us and what we like to have and what we think is good for the american economy
fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they...
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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keep the rest of my taxes for me. schools, public safety, the roads, parks, libraries, public transportation, all went into decline. the rich people didn't care. they said everyone gets what they deserve. ordinary people wondered why rich people needed so much money. the 1% said don't worry. this is good for you, too, because it will trickle down from us to you. >> urinating on people. classy image. doesn't get much worse than that. joining me with reaction, tucker carlson and kiersten powers from the daily beast. it goes on seven minutes long, kiersten, and i thought of past pop begapropaganda. at the end of this, somebody watches this, they get indoctrinated. they really begin to believe that rich people are evil. did you get that feeling? it was that bad to me. >> it was pretty bad. i have to say even i found it offensive. >> even i, yeah. >> yeah. no. look, it goes a little too far. i think you can certainly make an argument that there are rich people that are indifferent to poor people, but i don't think that you
keep the rest of my taxes for me. schools, public safety, the roads, parks, libraries, public transportation, all went into decline. the rich people didn't care. they said everyone gets what they deserve. ordinary people wondered why rich people needed so much money. the 1% said don't worry. this is good for you, too, because it will trickle down from us to you. >> urinating on people. classy image. doesn't get much worse than that. joining me with reaction, tucker carlson and kiersten...
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taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that would pass the 98% automatically raise the rates to the clinton era for the top 2%. ultimately he has to bring out the best deal. this new negotiation strategy. it appears to have genuinely thrown republicans for a loop. >> the idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the plan to entitlement reform is quite frankly a joke. >> a two-step deal in place. step one spending cuts and tax changes that would take effect in
taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that...
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they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>> and senator john mccain hints he might favor filibuster reform. debbie stabenow is here on rule changes. stay with us. we're right back. >>> to all the small business owners who are tired of the system rigged against them, we're going to hold the big guys accountable. >> welcome back to "the ed show." that's elizabeth warren of massachusetts who has been a true champion of holding the big guys accountable. they might be in for a rude awakening. warren will likely become a member of the b
they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect...
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remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do, too, you say some of the things we enacted as emergency measure during the great recession are going to either be taken away or tapered down. and that's part of the logic of including some cuts or some reduction in the extension of unemployment, food stamps and other things. >> but okay, we're going to talk about the reality of being poor in america and the next couple of block. the notion that you can start kicking people off food stamp rolls because we're in a recovery. if you look at how much money people are make, the stats, economic impact of giving a person a dollar in food stamps equals
remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do,...
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the tax cuts entime entitlement cuts. >> i'm not sure that they won't fold on the tax cuts. once again you have to step back from the observation of what's going on in washington now, and remember we're fighting whether or not the top marginal rates should be in the low 30s or not. we should roll back the reagan tax cut but i don't believe in miracles. >> eliot: charles, what you're say something critically important. we're all in a way falling prey to this issue as if they're big issues when they're not. the fact that the rate would go from 35 to 39.6, it used to be in the 90s and 70s and 60s, and capital gains will be taxed at below the rate of ordinary income. we're dealing with the most minimal of shifts and changes yet we're being sucked into the notion that this is dramatic. it's not. >> you divided the republicans in three separate camps. i would say that the difference between the theological theocrats and the tee tea party is minimal. to a certain extent the policies that plays out with the theocrats is economics. four republicans have become identity politics. they
the tax cuts entime entitlement cuts. >> i'm not sure that they won't fold on the tax cuts. once again you have to step back from the observation of what's going on in washington now, and remember we're fighting whether or not the top marginal rates should be in the low 30s or not. we should roll back the reagan tax cut but i don't believe in miracles. >> eliot: charles, what you're say something critically important. we're all in a way falling prey to this issue as if they're big...
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instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a crazy idea. i'm amazed that secretary geithner had the courage to float that yesterday. hence the laughter from senator mcconnell. that's the kind of response it deserves. >> they are laughing in public, but they are panicking behind closed doors. conservative writer matt lewis, writer for "the daily caller", the notion that republicans have leverage is silly. it's the same kind of happy thinking that led to some boldly-predicting a romney victory. he said republicans are so screwed. this is why president obama is playing to his strengths. the president has never had a problem rallying the american people to h
instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a...
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it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code. but if that's politically for difficult, there's a willingness to retain the deductions that they could utilize. >> let me ask you about that. another interesting scenario played out with mitch mcconnell, essentially fill lee bust sistering his own bill. he says it has to guarantee that there won't be another debt ceiling crisis. but could that be where we're headed? >> well, it's certainly possible. it would be a terrible outcome and i think you're hearing business leaders weigh in and say, we don't want to go through this debate only to be followed by another big fight over the debt limit. and we just can't afford every year, every 18 months to have a debate about whether we honor the full faith and credit of the u.s. government. that's no way to run the country. >> what do you think the chances of that happening? >> it's possible. one o
it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code. but if that's politically for difficult, there's a willingness to retain the deductions that they could utilize. >> let me ask you about that. another interesting scenario played out with mitch mcconnell, essentially fill lee bust sistering his own bill. he says it has to guarantee that there won't be...
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they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>> and senator john mccain hints he might favor filibuster reform. debbie stabenow is here on rule changes. stay with us. we're right back. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. th
they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect...
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tonight's question, will radical republicans ever agree to a tax hike deal? text "a" for yes and text "b" for no to 622639. you can always go to our blog and leave a comment. we'll bring you the results later on in the show. >>> joining me tonight, congressman steny hoyer of maryland, the house democratic whip. congressman, good to have you with us tonight. appreciate it. >> always good to be with you, ed. thanks. >> got some folks nervous talking about entitlements. when you say entitlement cuts are on the table, what does that mean and how far are you willing to go? >> well, when i say everything needs to be on the table, ed, i want everybody to put their cards on the table and tell me what they want to do. i want not only to see that myself, i want to see what others want to do, including my republican colleagues, in terms of entitlements. now, there are some things we are absolutely not going to do, as you well know. made it very clear during the election, we're not going to voucherize medicare. we're not going to privatize security. we believe very stron
tonight's question, will radical republicans ever agree to a tax hike deal? text "a" for yes and text "b" for no to 622639. you can always go to our blog and leave a comment. we'll bring you the results later on in the show. >>> joining me tonight, congressman steny hoyer of maryland, the house democratic whip. congressman, good to have you with us tonight. appreciate it. >> always good to be with you, ed. thanks. >> got some folks nervous talking about...
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they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep say iing no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>> and senator john mccain hints he might favor filibuster reform. debbie stabenow is here on rule changes. stay with us. we're right back. eat good fats. avoid bad. don't go over 2000... 1200 calories a day. carbs are bad. carbs are good. the story keeps changing. so i'm not listening... to anyone but myself. i know better nutrition when i see it: great grains. great grains cereal starts whole and stays whole. see the seam? more processed flakes look nothing like natural grains. you can'
they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep say iing no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect...
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house republicans would allow a vote on extending the bush middle class tax cuts. that bill already passed in august in the senate. and offer the president nothing more. no extension to the debt ceiling, nothing on unemployment, nothing on loopholes. congress would recess for the holidays and the president would face a big battle early in the year over the debt ceiling. ." two republican officials tell me this is becoming the most likely scenario. "the new york times" added more detail including this amazing quote from rep michael c. burgess of texas. "there's always better ground, but we have to get there." in this case the better ground is exchanging the threat of a congressionally induced recession for the threat of a congressionally induced global financial crisis combined with recession. that, that is your better ground? that's a big plan? it's not -- it's not better ground for the economy. and, frankly, i find it difficult to see how it's better political ground even for the gop. i figured, i didn't get it. so i figured this was beyond my small political brai
house republicans would allow a vote on extending the bush middle class tax cuts. that bill already passed in august in the senate. and offer the president nothing more. no extension to the debt ceiling, nothing on unemployment, nothing on loopholes. congress would recess for the holidays and the president would face a big battle early in the year over the debt ceiling. ." two republican officials tell me this is becoming the most likely scenario. "the new york times" added more...
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. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a small college here that sits on the board of the henry clay center for statesmanship. the way to a solution, he says, is for both sides to have a voice. >> both have taken the attitude that it's my way or the highway. and americans recognize that that's just not the way things typically get done in this country. and if we continue along that line, we will go over the fiscal cliff and who knows what the abyss beyond it will be like. >> reporter: the united states senate's always valued its reputation as the world's greatest deliberative body set apart fr
. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a...
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you may lose the tax deduction there. that will definitely hit the top percent of americans, and that's a concern because it's a lot of small business owners. >> let's talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. here's the thing. if you're looking at your interest that you're paying, up to a million dollars of that is deductible. second homes, the interest is deductible. home equity loans, the interest is deductedible. now, that's been around since the teens. the ability to do that. so here's the thing, though. only one in four homeowners actually take this deduction. >> really? >> yes. right. people aren't really surprised because most homeowners actually don't necessarily qualify for it because they don't pay enough in interest. >> or they don't itemize? >> they don't itemize, exactly. so at least 25% to 30% of those folks, however, make less than $100,000. so these folks will get very hit by this. if they can phase it in, that will
you may lose the tax deduction there. that will definitely hit the top percent of americans, and that's a concern because it's a lot of small business owners. >> let's talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. here's the thing. if you're looking at your interest that you're paying, up to a million dollars of that is deductible. second homes, the interest is deductible. home equity loans, the...
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tonight's question, will radical republicans ever agree to a tax hike deal? text "a" for yes and text "b" for no to 622639. you can always go to our blog and leave a comment. we'll bring you the results later on in the show. >>> joining me tonight, congressman steny hoyer of maryland, the house democratic whip. congressman, good to have you with us tonight. appreciate it. >> always good to be with you, ed. thanks. >> got some folks nervous talking about entitlements. when you say entitlement cuts are on the table, what does that mean and how far are you willing to go? we believe very strongly that we need additional revenues if we're going to get our country on a fiscally sound basis. >> and that would take us to benefits. are you willing to put benefits on the table to get a deal? >> everything needs to be on the table. when you say say, am i willing -- i want to see what the outlines are. i think even paul ryan, in the short-term, said benefits should not be on the table. i agree with that, certainly. and it depends upon what you're talking about. certainly
tonight's question, will radical republicans ever agree to a tax hike deal? text "a" for yes and text "b" for no to 622639. you can always go to our blog and leave a comment. we'll bring you the results later on in the show. >>> joining me tonight, congressman steny hoyer of maryland, the house democratic whip. congressman, good to have you with us tonight. appreciate it. >> always good to be with you, ed. thanks. >> got some folks nervous talking about...
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we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new years. there is a value in doing some public posturing and trying to ge
we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the...
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by the same time the chancellor is touting tax credits for working families and raising taxes and cutting benefits for the unemployed. now, mr. speaker, we do need to modernize our welfare state. those who work and can work should work. no ifs, ands or buts. so let us be clear. the chancellor claims he would cut the welfare bill, but higher inflation and long-term unemployment means the benefit is forecasted to be billions higher. the clue is in the name, mr. speaker. he cannot run a successful welfare to work program without work. and we know that the work program has totally failed with only two people in 100. we should be, mr. speaker. we should be requiring every long-term person to take a job. making sure that there is one there. let me ask the chancellor. one of the thousands now struggling to find a new job. he has announced today that he is cutting for jobseekers allowance for the next three years. how can that be fair when he is cutting the top rate tax? how can that be fair when someone earning 220,000 pounds a year will get a top rate tax cut of 75 pounds a week in april, which
by the same time the chancellor is touting tax credits for working families and raising taxes and cutting benefits for the unemployed. now, mr. speaker, we do need to modernize our welfare state. those who work and can work should work. no ifs, ands or buts. so let us be clear. the chancellor claims he would cut the welfare bill, but higher inflation and long-term unemployment means the benefit is forecasted to be billions higher. the clue is in the name, mr. speaker. he cannot run a successful...
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on the issue of middle class tax cuts republicans want to go forward saying we raised taxes on the middle class. >> but chris, doesn't the white house have to be a little more specific about what's in that $400 billion of medicare cuts? i mean they're trying to smoke out what the republicans are willing to go for, but each side is suspicious, understandably, they will get hammered publicly. >> that's right. and the democrats on the hill and in the white house will tell you, that we don't want to be the face of tax increases and of entitlement cuts. so, they're saying we have a budget here, $400 billion worth of cuts we can start there. if you have a better idea, show it to us. both sides are very, very weary because they understand showing their hand and the ads that would be run if john boehner would say we want these cuts, raise the entitlement age on medicare and hurt granny and grandpa. that's a big problem for republicans and the white house has come out and been the most specific so far. that plan that geithner took to the hill is the most specificity we've seen from either leader a
on the issue of middle class tax cuts republicans want to go forward saying we raised taxes on the middle class. >> but chris, doesn't the white house have to be a little more specific about what's in that $400 billion of medicare cuts? i mean they're trying to smoke out what the republicans are willing to go for, but each side is suspicious, understandably, they will get hammered publicly. >> that's right. and the democrats on the hill and in the white house will tell you, that we...
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as i said the entire tax code is becoming a tax incentive. where you draw the line the amt usually goes to tax incentive bills and the fact the senate finance tax bills this year, the senate didn't pass it, the finance committee passed it and included tax extenders and the ones you went over but also included the amt patch indexing to inflation. >> so if these tax extenders have to be dealt with by the end of the year and in the fiscal cliff negotiation, what are the options for congress right now on december -- what is it the sixth today? >> these are kind of an afterthought at this point because often, as i said, all these are extended for your or two at a time. they talk about trying to make the list shorter, but if they have to, december 29th, they need to pass something, all they have to do is pass everything for a year and it won't costs so much. they get to this after figuring out the bigger question. >> host: they can do in one bill? text extenders and list the different -- >> guest: you will go in the big fiscal compromise and you wo
as i said the entire tax code is becoming a tax incentive. where you draw the line the amt usually goes to tax incentive bills and the fact the senate finance tax bills this year, the senate didn't pass it, the finance committee passed it and included tax extenders and the ones you went over but also included the amt patch indexing to inflation. >> so if these tax extenders have to be dealt with by the end of the year and in the fiscal cliff negotiation, what are the options for congress...
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i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just go ahead and take it off the table, you know, let's take that leverage away from the president there, but the reality is as a republican who my very core principles are lower taxes, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financia
i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just...
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one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go off the cliff. >> they obviously expect republicans will cave on everything. i think republicans ought to simply walk away. >> limbaugh said the same thing as well. is this political suicide for republicans? who would really pay the political price before the state of the union and on into the spring if they don't have a deal? >> republicans. i think matt lewis and his column got it right. they would pay the price. what they are essentially saying because we want to protect -- listen, it's a more complex argument. what it will be
one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go...
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i know you favor a consumption tax. how would it work, why is it better than an income tax? very interesting. >> what we want to do is have a tax code that's miles and miles wide and a half-inch deep, one that everybody participate in, one that is based on how much you spend, not how much that you're saving, and one that captures all the underground economy and closes up those loopholes. i'm outraged when i hear one of my business friends say, hey, i didn't pay any taxes last year because i was able to take advantage of whatever part of the tax code that his lawyer and accountant found out about. that's not good. we need everybody participating. that's why we say, simplify the tax code, get rid of these loopholes. >> congressman kingston, thank you very much. >>> apple and zynga among the big nasdaq movers today. we'll tell you which other big movers, winners and losers you need to know about. coming back in two minutes. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out.
i know you favor a consumption tax. how would it work, why is it better than an income tax? very interesting. >> what we want to do is have a tax code that's miles and miles wide and a half-inch deep, one that everybody participate in, one that is based on how much you spend, not how much that you're saving, and one that captures all the underground economy and closes up those loopholes. i'm outraged when i hear one of my business friends say, hey, i didn't pay any taxes last year because...
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the president's idea is raising taxes on income over a quarter million dollars but keeping the bush tax cuts for everybody else. that idea is very popular. 60% support. it is a very popular plan that the president is trying to drum up even more support for now with these campaign style trips. now, on the other side, what the republicans want to do, their plan is to limit deductions, limit tax deductions. that's their plan instead. that, in contrast to the president's proposal, is not popular. more people oppose that idea than support that idea. even republicans hate the republican idea. look at 39% of republicans support the republican proposal. that's before you get to the other part of the republican proposal, something being floated by republican senator bob corker of tennessee, an idea we should raise the eligibility age for medicare. that is a wildly unpopular idea. more people oppose than support that idea by a 37% margin. it is more unpopular among republicans than the general public. republicans have not convinced their own voters let alone the rest of the country. they have not
the president's idea is raising taxes on income over a quarter million dollars but keeping the bush tax cuts for everybody else. that idea is very popular. 60% support. it is a very popular plan that the president is trying to drum up even more support for now with these campaign style trips. now, on the other side, what the republicans want to do, their plan is to limit deductions, limit tax deductions. that's their plan instead. that, in contrast to the president's proposal, is not popular....
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saying we're not budging on tax breaks. we're not going to cave in on that. but, we might end up doing something. give me a little bit of room on entitlements. i understand that's the message and the progressive message is we'll give you a little room. we don't want to give you a lot. >> if you isolate the medicare piece of it, they don't want to do anything on the individual medicare rips. maybe we could do something on -- i think the progressive wish list would be to do something on negotiating drug prices, bringing that back from the old fight, the affordable care act. so i think there is wiggle room. i think democrats are dug in on not touching social security and i would be shocked if that even entered the conversation. >> the cpi change, something the president has offered and he's ready to do that. >> i think people want to protect medicaid, obviously, and would like to protect social security. i think medicare is the rule. >> thatour gaggle will stick ar. we'll hear from the white house officially when they can first talk about the jobs report. they c
saying we're not budging on tax breaks. we're not going to cave in on that. but, we might end up doing something. give me a little bit of room on entitlements. i understand that's the message and the progressive message is we'll give you a little room. we don't want to give you a lot. >> if you isolate the medicare piece of it, they don't want to do anything on the individual medicare rips. maybe we could do something on -- i think the progressive wish list would be to do something on...
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they like taxes? >> it's a pledge not to increase taxes. people say why don't you toughen it. you don't want to change it because it is a simple guardrail. it doesn't solve the world's problems, it says no net tax increase. >> in your mind when someone signs it, how long are they committed to it? >> in writing when the person signs it as long as you are a congressman or senator. >> you are signing this for life? >> unless you intend to be a congressman for all of your life. >> a career decision. >> if someone tells you they are pro-life or pro-choice, is this 18 months or a year? how long are you pro-choice? you are telling someone who you are. i'm the kind of guy who is pro- choice or pro-life. two people have brought that up. latourette who decided to leave congress he said yeah i made that promise a long time ago and i went into district and talked about banks and mortgage. mortgage, that was 20 years ago. you are still sending me letters. people make a commitment. it's an easy simple commitment an
they like taxes? >> it's a pledge not to increase taxes. people say why don't you toughen it. you don't want to change it because it is a simple guardrail. it doesn't solve the world's problems, it says no net tax increase. >> in your mind when someone signs it, how long are they committed to it? >> in writing when the person signs it as long as you are a congressman or senator. >> you are signing this for life? >> unless you intend to be a congressman for all of...
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the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the president on a golf course and let them make a deal that is binding, i think they could do it in an afternoon. >> beth, "the new york times" reporting that the president would like to set an august 1st deadline. the plan would call for $600 billion in new revenue from revisions in the tax code. that's on top of nearly a fri trillion dollars raised on the bush tax cuts for the rich. is there support for both of these? >> both parties suggest it is a mess and too many exemptions and loopholes and that's just not, it's too complicated. it needs to be simpler and littl
the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the...
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. rainout it is a complicated mess -- right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a yea
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. rainout it is a complicated mess -- right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that...
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, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus because you're costing me money as i sit here and everybody else watching us. i think a lot of people are pretty frustrated with the people we're electing to do something big and bold. come on. negotiate. >> well, yeah, i nt, but when the president goes from, you know, hey, i want to increase taxes on those over $250,000 and geithner comes and puts on $1.6 trillion of taxes, we're going in the wrong direction. >> come back with another proposal and then come back on the show and i'll interview you about your proposal but i'm out of time. congressman terry, thanks for being with us. appreciate it. >>> joi
, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus...
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there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total management expenditure will continue to fall and will now people are willing to go and 2018 and if it had been held flat in real time. no decisions to cut this is ever easy. those who said we would have higher taxes or higher borrowing or both. i also provide further details of the consolidation plans for 2015 and 2016, last year at this parliament. as the two years ago that the correct balance for the fiscal consolidation between spending and tax should be 80-20. i can announce that we will almost be exactly able to deliver on that mix. total spending will fall in the final yea
there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total...